Westinghouse Statement Regarding RWE and E.ON Announcements

PITTSBURGH, March 29, 2012 /PRNewswire/ -- Westinghouse and NPD UK are disappointed in the decision made by E.ON and RWE not to proceed with plans for new nuclear energy stations in the United Kingdom. Significant work over the last few years with their 50-50 joint venture – Horizon Nuclear Power – has made it very clear to Westinghouse that new nuclear plants are hugely important to the energy independence and economic vitality of the United Kingdom as a whole, and especially to the communities targeted for development in North Wales and southern England.

Although very disappointed with this decision, the Westinghouse resolve and commitment to the United Kingdom and its nuclear industry is unshaken. We strongly believe that the AP1000® technology is ideally suited to the Wylfa and Oldbury sites and elsewhere in the UK and Europe; and, our business model is an economic stimulus package in and of itself, unsurpassed in its ability to generate thousands of long-term, well-paying jobs across a broad range of business sectors throughout the United Kingdom.

Additionally, we continue to invest in and focus on operational excellence in the execution of our nuclear fuel facilities in the UK, located in central Lancashire. Our history in bringing the first pressurized water reactor to the UK (Sizewell-B) and as the sole supplier of Advanced Gas Reactor fuel has uniquely taught us that the British workforce and industry compose a great environment for the development of nuclear energy.

Over the next few weeks, we will engage Horizon and its owners to determine the best direction for continuing the development of these projects and to explore alternative investors in the company. Our partners in NPD UK and the supply base are proud of the significant accomplishments made to date, especially the granting of Interim Generic Design Acceptance of the AP1000 design in December by the Office of Nuclear Regulation. This hard work by dedicated professionals should not go without recognition. Going forward, we will diligently determine how best to support the long-term goal of providing the UK with clean, safe and reliable nuclear electricity generation.

We remain steadfast in our belief about the promising future of nuclear energy and the AP1000 technology. We continue to see excellent progress on the four units under construction in China and, very soon, another U.S. utility will likely receive its combined construction and operating license to begin full construction on two new AP1000 units, making four AP1000 units under full construction in the U.S.

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants.